One of the most famous hotels in Budapest - Four Seasons Hotel Gresham Palace - has changed the owner. This luxurious hotel was bought by the State General Reserve Fund of Oman from the Gresco company, presented by Canadian, Cypriot and Irish investors.
The total amount of transaction is not disclosed. It is noted that the legendary hotel in Budapest was bought not less than for 40 million Euros.
Four Seasons Hotel Gresham Palace is one of the Budapest attractions. The building, created in 1906 in the Art Nouveau style, is located near the famous Széchenyi bridge in Budapest. Not so long ago Four Seasons Hotel Gresham Palace experienced one of the most costly renovations in the history of the hotel business in Hungary, which cost in total about 23 billion forints (about $85 million). Re-opening of the Four Seasons Hotel Gresham Palace was held in 2004.
Purchasing of famous European hotels by the Arab companies is now one of the trends in the hotel industry of the Old World. In addition to Oman, a number of big purchases in Europe were made by the Qatar companies. Among the most famous recent transactions is buying of the newest luxury hotel W London hotel by the Qatar Foundation Al Faisal Holding for 313 million dollars.
As for the Omani owner of the Hungarian hotel, he does not intend to change the hotel brand. However, the hotel will still be managed by the Four Seasons Hotels and Resorts chain.
Hotel Four Seasons Hotel Gresham Palace is one of the most famous hotels in Hungary. In 2007 Travel + Leisure edition gave it the 15th place in the list of the top 100 hotels in the world. The hotel houses one of the best restaurants in Hungary - Pava. The hotel has 179 rooms. Among the services of the hotel are tennis courts, golf course, swimming pools and spa.